2 0 Required information The following information applies to the questions disp

Question

2 0 Required information The following information applies to the questions displayed below For the following independent cases, determine whether economic income is present and, if so, whether it must be Part 2 of 3 included in gross income (ie, is it realized and recognized for tax purposes?) (Leave no answers blank. Enter zero if b. Ben sold stock for $12.250 and paid a sales commission of $245. Ben purchased the stock several years ago for $4,900 O Answer is complete but not entirely correct Amount included in Grpss Income option command

Explanation / Answer

b.
Economic Income=$12250-$4900-$245=$7105 B is benefited from sale of stock
Gross Income shall be included so $7105

c,
Economic income should be $3375 + $975=$4350
However Gross income doesn't include share of municipal interest so $3375 only

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